Jobs Help Teens Make Time and Spending Decisions

April 2002 is National Financial Literacy for Youth
Month

San Diego, CA. 'Teens 16 and
older getting jobs between school terms will learn some things about their
time and money too. For example, how hard it is going to be for some of them
to hang on to their money and, for others, where does all their time go.
Parents can help teens understand the work-a-day world by creating a
positive learning experience for their working teens and greatly impact it
by monitoring their finances and providing some helpful guidance,' says the
nonprofit Institute of Consumer Financial Education (ICFE), a San Diego
based group.

An important first lesson for teens is the value of the money they earn
themselves. Because most teen jobs are hourly, kids quickly connect between
work preformed and wages earned. Many youngsters receive an allowance from
parents before ever getting a real job, so they already have developed some
spending habits. But, allowances, even conditioned on doing household
chores, may often be taken for granted. When a teen who is given to impulse,
however, decides not to work as much in a given period ,will learn the
consequences of that decision when the next paycheck comes.

Money gives people decision-making opportunities. Allow young people to make
spending decisions, both good and poor, and let them suffer the
consequences, by not bailing them out. Later on, encourage a discussion of
pros and cons before more spending takes place. Encourage common sense when
buying. That means doing research before making purchases, looking for
discounts and coupons, waiting for the right time to buy, and employing the
spending-by-choice technique which is selecting at least three other things
money could be invested or spent on, once it has been decided to make a
purchase.

Everyday spending decisions, especially credit-based ones,
will have a far greater negative impact on one's financial future than any
investment decisions. Educating, motivating and empowering young people to
become regular savers and investors while they are still young will enable
them to keep more of the money they earn and do more with the money they
keep!

For more information on
children and money,
including 18 ways to teach your children or grandchildren the value money,
plus information on videos and other Resources, visit the ICFE's Website
at : www.icfe.biz. To receive the same
information by mail, please send $1 and a self-addressed, double stamped
envelope to:

ICFE- 18 Tips
PO Box 34070
San Diego, CA 92163.

About the ICFE:

The Institute of Consumer Financial Education (ICFE),
founded in 1982 by the late Loren Dunton - creator of the "certified
financial planner” (CFP) designation - is dedicated to helping consumers
of all ages to improve their spending, increase savings and use credit
more wisely. The years between 1984 and 2000, the ICFE was also known as
the National Center for Financial Education (NCFE).

The ICFE's on-line help for consumers who spend too much
was featured in PARADE Magazine (June 9th, 2002) in the Intelligence
Report section. The money helps and tips are from the "Money
Instruction Book," a course in personal finance, which was completely
revised and updated in 2002 and is positioned to become among the premier
programs in the new bankruptcy and debtor education initiatives.

The ICFE's "Do-It-Yourself Credit File Correction
Guide," now in its Twelfth Printing, is in use by thousands of consumer credit and debt
counselors in addition to tens of thousands of consumers. It received a
"buy” rating in July, August and November from nationally syndicated
financial columnist, Humberto Cruz in his column, "The Savings Game".
BottomLine Personal newsletter gave the Guide a "Send For” rating in
September 2001. The ICFE and our do-it-yourself approach to credit file
correction was featured on NBC Nightly News on 04-30-02. The Spanish
edition of the Guide premiered in January 2002. Syndicated columnist,
Robert Heady also gave the ICFE Guide a "buy” rating.